Mr. Gary Tobin:

The calculation of effective tax rates is an art rather than a science. There is a range of different estimations of what constitute effective corporation tax rates. For example, Professor Barry quoted 11.1% yesterday. That was the one bit of his presentation I did hear. The European Commission, for example, estimated, on the basis of a study by Spengel, that the effective corporation tax rate in Ireland is 14.4%. Therefore, there is a range of calculations using different bases. There is no agreed methodology for what constitutes an effective corporation tax rate. We sometimes get lost down culs-de-sac when we focus on it.